Greek banks prepare plan to raid deposits to avert collapse

Discussion in 'Financial Cents' started by stg58, Jul 4, 2015.

  1. stg58

    stg58 Monkey+++ Founding Member

    Nice, no doubt barry's cabal is taking notes on raiding bank accounts.

    Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday.

    The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said.

    A Greek bail-in could resemble the rescue plan agreed by Cyprus in 2013, when customers’ funds were seized to shore up the banks, with a haircut imposed on uninsured deposits over €100,000.

    It would be implemented as part of a recapitalisation of Greek banks that would be agreed with the country’s creditors — the European Commission, International Monetary Fund and European Central Bank.

    “It [the haircut] would take place in the context of an overall restructuring of the bank sector once Greece is back in a bailout programme,” said one person following the issue. “This is not something that is going to happen immediately.”
    Marck, ditch witch and Gator 45/70 like this.
  2. Mountainman

    Mountainman Großes Mitglied Site Supporter+++

    Exactly why any extra money I have is invested in tangible items and I don't own any stocks or bonds.
    Marck, NotSoSneaky, Mike and 5 others like this.
  3. oldawg

    oldawg Monkey+++

    Funny way of spelling "butt sex"
  4. Gator 45/70

    Gator 45/70 Monkey+++

    Great way to start an internal war.
  5. Dunerunner

    Dunerunner Brewery Monkey Moderator

    Don't think for a minute that this couldn't happen here!
    Mike, Tully Mars and ditch witch like this.
  6. stg58

    stg58 Monkey+++ Founding Member

    Is Ilias Mathes on the Monkey? :)


    News from The Associated Press
    Greek villagers' secret weapon: Grow your own food

    KARITAINA, Greece (AP) -- Ilias Mathes has protection against bank closures, capital controls and the slashing of his pension: 10 goats, some hens and a vegetable patch.

    If Greece's financial crisis deepens, as many believe it must, he can feed his children and grandchildren with the bounty of the land in this proud village high in the mountains of the Arcadia Peloponnese.

    "I have my lettuce, my onions, I have my hens, my birds, I will manage," he said, even though he can no longer access his full pension payment because of government controls imposed six days ago. "We will manage for a period of time, I don't know, two months, maybe three months, because I also want to give to our relatives. If they are suffering, I cannot leave them like this, isn't that so?"

    The production of food and milk gives villagers in many parts of Greece a small measure of confidence - and a valuable buffer. But that doesn't mean the financial cut-off doesn't cause headaches. Some in Karitaina have to pay 40 euros in taxi fares to get to and from the nearest banks just to withdraw 60 euros, the maximum daily amount for those with bank cards.
    Last edited: Jul 4, 2015
    Marck and Yard Dart like this.
  7. ditch witch

    ditch witch I do stupid crap, so you don't have to

    For some reason I can't see it... probably because I haven't signed up.
  8. Dunerunner

    Dunerunner Brewery Monkey Moderator

    Those who, somewhat; cruised through The Great Depression, did so because they were self sufficient. They grew their own vegetables, raised their own hogs, chickens and cattle, were able to hunt their own land for wild meat and had an independent water source. They heated with and cooked over wood they harvested on their property or that they had access to, canned and preserved food to stretch through the winter and they planned, worked hard and had large families that stuck together.
    Marck, Yard Dart, Brokor and 3 others like this.
  9. stg58

    stg58 Monkey+++ Founding Member

    Indeed, my grandmother and mother baked pies for local restaurants for $0.24 each and my mother delivered them.
    To this day my mother is still a scratch baker.
    Marck, kellory, HK_User and 2 others like this.
  10. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Today the Greeks are going to vote between a long slow death spiral (staying in the EU) or seeing if they can survive an even worse fate by returning to the Drachma.

    If they vote to stay in the EU, it will mean more austerity and financial hardship. Probable bank deposit hair cuts, unemployment, pension and health care reductions for the foreseeable future that will get worse every quarter until they exit the EU Currency kabal


    Immediate pain and anguish of losing the common currency, trade/tariff benefits, and return to the drachma of old.

    Either way, pain is going to ensure.

    Either slow long lingering pain that will be managed by hospice (ECB) or intense pain that will be suffered in the ICU.

    Their choice (not really .. either one is bad).

    We should use this time as a learning experience. What can we do as individuals to mitigate the effect if the infection of indebtedness of a country is imported into our systems (hint, we already owe way more than we take in).

    What are you doing in your own lives to ensure that our hardships don't mimic what we are going to be watching unfold in either the next few weeks (if they vote one way) or the next few years (if they vote the other).?

    This is a teachable moment my simian friends. Eyes open.
    stg58, oldawg, Gator 45/70 and 4 others like this.
  11. stg58

    stg58 Monkey+++ Founding Member

    A no vote and the Euro drops as expected.
    1.00 EUR = 1.09907 USD
    Personally I am taking notes on these things and just put away more rice and flour..

    Sugar, flour, rice: panicked Greeks stock up on essentials - Yahoo News
    Sugar, flour, rice: panicked Greeks stock up on essentials
    Athens (AFP) - Greeks were hoarding cash and food Saturday amid mounting fears the economy could collapse, cracking open their wallets only to stock up on essentials and stripping supermarket shelves in the process.
    Mothers, elderly men and university students were spotted pushing heavily overloaded trolleys or coming out of shops weighed down by bags of food, with essentials such as sugar, flour and pasta top of the list.

    In the well-off area of Glyfada in Athens residents appeared to have panicked, thrusting everything from vast rolls of toilet paper to multiple packs of lentils into their carts.

    News from The Associated Press
    ATHENS, Greece (AP) -- Voters in Greece resoundingly rejected creditors' demands for more austerity in return for rescue loans Sunday, backing Prime Minister Alexis Tsipras, who insisted the vote would give him a stronger hand to reach a better deal.

    The opposition accused Tsipras of jeopardizing the country's membership in the 19-nation club that uses the euro and said a "yes" vote was about keeping the common currency.

    With 87 percent of the votes counted, the "no" side had more than 60 percent.
    Marck likes this.
  12. BTPost

    BTPost Stumpy Old Fart Snow Monkey Moderator

    You Think????
    oldawg and VisuTrac like this.
  13. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Might be a bit late to just get started.
    Well, at least it's not winter.
  14. Dunerunner

    Dunerunner Brewery Monkey Moderator

    vonslob and VisuTrac like this.
  15. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    How will we know when the gig is up?
    Easy, when the manipulation of Precious Metals (gold,silver) actually go up on bad news instead of going down.
    That IMO, will signal the point when TPTB have lost control of the debt market smoke and mirrors show they've been putting on for us.

    Until that time, I don't think that much will make sense. Well maybe those invested in emerging markets getting taken to the cleaners, that would make sense.

    Thinking it's time to put up some more TP in the rafters.
    mysterymet likes this.
  16. Ganado

    Ganado Monkey+++

    So would some of you please clue me in on why store rice?

    To me as long term storage is terrible as it has too much moisture in it. Short term it's prolly fine but I just don't get why or how people store rice long term.
  17. Ganado

    Ganado Monkey+++

    Polished white rice. Ugh low nutrition value imo. I'm not dissing rice I have never been able to store it longer than 2 yrs. So I gave up.

    If you haven't eaten long term stored rice then you can't tell me anything sorry I'm a doer and books just only take you so far.
  18. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

    You want parboiled rice. Buy it in bulk. Regular storage required in buckets with mylar and oxygen absorbers (or however you prefer). Lasts long long time.
    Tobit likes this.
  19. ditch witch

    ditch witch I do stupid crap, so you don't have to

    I have rice in buckets that is over 10 years old and perfectly fine. I freeze rice for 2 weeks to kill off any beasties, then into buckets it goes. I make desiccant packs with silica gel to deal with potential moisture.

    Why store it? Because it stores forever. It's high carb. Because I love jasmine and sticky rice. The long grain white rice from Sams makes a great, and cheap, filler for DIY dog food. And it doesn't have gluten in it, which means it doesn't jack up my stomach or allergies.
    Oh, and because spam fried rice is pretty freaking delicious.
    Last edited: Jul 6, 2015
    Marck, Ganado, Yard Dart and 3 others like this.
  20. HK_User

    HK_User A Productive Monkey is a Happy Monkey

    We store white rice by using vacuum and canning jars. Max on some right now is 8 years. Carbs, you gotta have them for energy. Other rice I have stored is in nitrogen and CO2 flushed metal canisters. Store equal rice, beans and suger.
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